Treasurer to begin direct deposit of funds
Released March 23, 2004

        CHARLESTON -- In an effort to curb costs, State Treasurer John Perdue’s staff will begin distributing certain tax payments to municipalities and counties by direct deposit.
        Coal severance taxes, oil and gas severance taxes and wine, liquor and private club taxes will all be remitted electronically, as soon as the Treasurer’s Office and city officials work out the necessary details.
        Changing the payment method will reduce check processing, postage and personnel costs. Cities will also see an elimination of check processing costs. A Treasurer’s Office representative will notify cities by e-mail when a direct deposit is made.
        “As a responsible steward of the state’s money I feel it only proper that we convert to this method of disbursement,” Perdue said. “It’s our obligation to operate as efficiently and inexpensively as we can and cities and municipalities will suffer no ill consequences. They will actually benefit.”
        Cities will have instant access to the deposited funds, which is an improvement over having to wait on a check to clear the bank.
        “We’re always looking for efficiencies and this will obviously help us collect revenue in a less expensive, timely fashion,” said city of Charleston city manager David Molgaard.
       Perdue said the transition should be complete by the end of this month, once the necessary information from counties and cities has been compiled.